Once your business experiences a certain level of success, it may be time to bring on a professional accountant to handle the financial tasks. Some people may think hiring accounting staff is too expensive, but in fact it may be too expensive not to. Good accounting professionals can act as tax advisers, compliance specialists, budget forecasters, business analysts and financial watchdogs. That being said, adding an accounting professional to your team can offer substantial ROI.
Not only is this a solid investment in your company’s future, but there are a variety of benefits that you may not have previously considered:
One of the most obvious benefits of hiring an accountant is that it will save you a considerable amount of time. Managers have enough on their plates without having to deal with the minutiae of taxes, compliance, payroll, insurance, leases and internal controls. A Controller will take-on these time-consuming operational tasks, giving you the time to focus on revenue generating projects.
It isn’t uncommon for businesses to suffer a slowdown in growth. Accountants can play a pivotal role in advising businesses on how to refine their strategies and move back into growth mode. During a slump an accountant can help restructure a company’s debt, identify unprofitable business lines and realign prices of goods and services.
Companies of all sizes are facing growing regulatory burdens. An experienced Controller can set up regulatory compliance plans that will help keep your business from making costly mistakes.
As a company grows, taxes become more complex, due to more variables and regulations from federal, state and local levels. Tax Accountants keep up-to-date with legislative changes and can help businesses remain in compliance.
Accountants focus on ways to save you money. Their focus is to make sure that they keep a finger on the pulse of the company’s finances. They can determine if money is being wasted and even offer guidance on how you can avoid frivolous spending. As your company expands, they will help keep you focused on how you should spend your funds and grow your business at the same time.
An accountant is a professional that help your company thrive well into the future. Whether you are just beginning or have experienced recent growth, an accountant may be just the team member you need to bring on board.